-funded capital injections. However, on closer inspection the composition of bank capital shifted radically from one based on common …

hedge to fund drawn credit lines and other commitments. We shed new light on this issue by studying the behavior of bank …

We document that the deregulation of bank branching restrictions in the United States triggered a reallocation across … suggest that improving bank access to branching affects the sectoral specialization (or diversification) of output, in a …

behavior. By paying out dividends, a bank transfers value to its shareholders away from creditors, among whom are other banks …. This way, one bank's dividend payout policy affects the equity value and risk of default of other banks. When such negative … externalities are strong and bank franchise values are not too low, the private equilibrium can feature excess dividends relative to …